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Several of the U.S. occupations that are projected to have the fastest job growth during the decade of the 2020's are in either the medical or the renewable energy sectors of the economy. For example, the Federal Bureau of Labor Statistics (BLS) projects that "wind turbine service technicians" will be the fastest growing occupation during the decade, with an expected growth rate of 61% after 10 years. “Solar panel installers" is projected to be the third-fastest growing occupation, with an expected growth rate of 51%. Meanwhile, "nurse practitioners" (52% projected growth), "occupational therapy assistants" (35% projected growth), and "home health and personal care aides" (34% projected growth) are all among the six occupations projected to grow the fastest. a) At the beginning of this decade, there were 7,000 wind turbine technicians in the United States. How many are there projected to be by the end of the decade? b) The median pay of a solar panel installer was $46,000 per year at the beginning of the decade. Suppose that, due to the increased demand for solar energy the median salary for solar panel installers increases by 11% for each of the next three years. What would the median salary for a solar panel installer be after one year? After two years? After three years? Round your answers off to the nearest cent. c) Using your answers from part b), what was the overall percent increase in the median salary for solar panel installers after three full years? Round your answer off to the nearest whole percent.

Several of the U.S. occupations that are projected to have the fastest job growth during the decade of the 2020's are in either the medical or the renewable energy sectors of the economy. For example, the Federal Bureau of Labor Statistics (BLS) projects that "wind turbine service technicians" will be the fastest growing occupation during the decade, with an expected growth rate of 61% after 10 years. “Solar panel installers" is projected to be the third-fastest growing occupation, with an expected growth rate of 51%. Meanwhile, "nurse practitioners" (52% projected growth), "occupational therapy assistants" (35% projected growth), and "home health and personal care aides" (34% projected growth) are all among the six occupations projected to grow the fastest. a) At the beginning of this decade, there were 7,000 wind turbine technicians in the United States. How many are there projected to be by the end of the decade? b) The median pay of a solar panel installer was $46,000 per year at the beginning of the decade. Suppose that, due to the increased demand for solar energy the median salary for solar panel installers increases by 11% for each of the next three years. What would the median salary for a solar panel installer be after one year? After two years? After three years? Round your answers off to the nearest cent. c) Using your answers from part b), what was the overall percent increase in the median salary for solar panel installers after three full years? Round your answer off to the nearest whole percent.

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter4: Eigenvalues And Eigenvectors
Section4.6: Applications And The Perron-frobenius Theorem
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3) Several of the U.S. occupations that are projected to have the fastest job growth during the decade of the 2020's are in either the medical or the renewable energy sectors of the economy. For example, the Federal Bureau of Labor Statistics (BLS) projects that "wind turbine service technicians" will be the fastest growing occupation during the decade, with an expected growth rate of 61% after 10 years. "Solar panel installers" is projected to be the third-fastest growing occupation, with an expected growth rate of 51%. Meanwhile, "nurse practitioners" (52% projected growth), "occupational therapy assistants" (35% projected growth), and "home health and personal care aides" (34% projected growth) are all among the six occupations projected to grow the fastest. a) At the beginning of this decade, there were 7,000 wind turbine technicians in the United States. How many are there projected to be by the end of the decade? b) The median pay of a solar panel installer was $46,000 per year at the beginning of the decade. Suppose that, due to the increased demand for solar energy the median salary for solar panel installers increases by 11% for each of the next three years. What would the median salary for a solar panel installer be after one year? After two years? After three years? Round your answers off to the nearest cent. c) Using your answers from part b), what was the overall percent increase in the median salary for solar panel installers after three full years? Round your answer off to the nearest whole percent.
Transcribed Image Text:3) Several of the U.S. occupations that are projected to have the fastest job growth during the decade of the 2020's are in either the medical or the renewable energy sectors of the economy. For example, the Federal Bureau of Labor Statistics (BLS) projects that "wind turbine service technicians" will be the fastest growing occupation during the decade, with an expected growth rate of 61% after 10 years. "Solar panel installers" is projected to be the third-fastest growing occupation, with an expected growth rate of 51%. Meanwhile, "nurse practitioners" (52% projected growth), "occupational therapy assistants" (35% projected growth), and "home health and personal care aides" (34% projected growth) are all among the six occupations projected to grow the fastest. a) At the beginning of this decade, there were 7,000 wind turbine technicians in the United States. How many are there projected to be by the end of the decade? b) The median pay of a solar panel installer was $46,000 per year at the beginning of the decade. Suppose that, due to the increased demand for solar energy the median salary for solar panel installers increases by 11% for each of the next three years. What would the median salary for a solar panel installer be after one year? After two years? After three years? Round your answers off to the nearest cent. c) Using your answers from part b), what was the overall percent increase in the median salary for solar panel installers after three full years? Round your answer off to the nearest whole percent.
d) At the beginning of the decade, there were about 5,700 wind turbine service technicians, about 4,800 solar panel installers, and about 47,100 occupational therapy assistants. Using the projected growth rates for each of these occupations provided earlier, what is the overall projected growth rate for these three occupations combined? Round your answer to the nearest tenth of a percent. e) If we average the three projected growth rates for the three fields listed in part d), we get an average 61+51+35 projected growth rate of 3 = 49.0%. Was the answer from part d) within 3% of this average projected growth rate of 49.0%? If so, explain why we might expect that to happen. If not, explain why it didn't happen.
Transcribed Image Text:d) At the beginning of the decade, there were about 5,700 wind turbine service technicians, about 4,800 solar panel installers, and about 47,100 occupational therapy assistants. Using the projected growth rates for each of these occupations provided earlier, what is the overall projected growth rate for these three occupations combined? Round your answer to the nearest tenth of a percent. e) If we average the three projected growth rates for the three fields listed in part d), we get an average 61+51+35 projected growth rate of 3 = 49.0%. Was the answer from part d) within 3% of this average projected growth rate of 49.0%? If so, explain why we might expect that to happen. If not, explain why it didn't happen.
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